As gas prices drop in the U.S., Enterprise Products Partners, an American oil company, is selling crude oil to Europe.
For the first time in 40 years, a U.S. oil tanker loaded with crude oil arrived overseas on Jan. 20. The shipment is the result of the U.S. government removing a 40-year ban on crude oil exports, RT.com reports.
The oil shipment, nicknamed “Liquid American Freedom” by U.S. Congress Energy and Commerce Committee members, arrived in France after a three-week trip from Texas, according to the Financial Times.
Enterprise Products Partners announced in December 2015 that it was going to sell crude oil to Vitol Group, the largest independent oil trader, which is going to send the American crude oil via pipeline to a refinery located in Switzerland.
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“U.S. oil exports will ultimately be transformational for the industry, allowing not just higher exports of U.S. shale but also other grades and Canadian oil," Olivier Jakob of Petromatrix, a consulting company in Switzerland, told the Financial Times. "For traders it is a big opportunity, with the U.S. set to not only export more, but also import more."
Republicans lobbied hard to lift the oil export ban, which U.S. oil companies have wanted for some time, Newsweek reported.
The Obama administration initially opposed it, but gave in to pass a $1.15 trillion spending package.